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Norway sets aside more money for energy

Oct. 17, 2013 at 6:47 AM
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STAVANGER, Norway, Oct. 17 (UPI) -- Norway's energy agency said it was pleased the federal government raised its budget allocation by $1.2 million for fiscal year 2014.

The federal government calls for $75.8 million for operation expenses, equipment procurement and maintenance in the Norwegian Petroleum Directorate in the 2014 budget. The $41 million for operational expenses is $1.2 million greater than the budget for 2013.

"Increased efforts by the Norwegian Petroleum Directorate can contribute to new projects that will result in improved recovery and thus also increased value creation from operating fields," Arne Holhjem, NPD director for technology, said in a statement Wednesday.

The NPD said it would focus its efforts on fields in the North Sea.

"These fields are important due to significant remaining resources, potential major investment decisions and important decisions with regard to long-term development solutions," the NPD said.

Norway expects to produce 1.8 million barrels of crude oil, natural gas liquids and condensate per day in 2014. Gas production should reach 3.7 trillion cubic feet for the year.

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Topics: 2014 budget